Domain Rental Report, March 2019: Central West rents rising for many

GOING UP: Most Central West locations experienced an increase in their rental costs during the past year. Photo: FILE
GOING UP: Most Central West locations experienced an increase in their rental costs during the past year. Photo: FILE

IT's a tough time if you're looking for a rental property in the Cowra or Hilltops local government areas.

Median weekly rental costs have increased in both locations during the past year, with renters needing to find extra money to pay the bills.

The Domain Rental Report for March 2019 shows the median rental costs for homes and units across the region and how they have changed during the past few years.

The median cost to rent a home in the Hilltops is now $270 a week, which is a 3.8 per cent increase compared to one year ago when the cost was $260.

It is a little cheaper in Cowra with median rents currently $260 a week, but this represents a 4.0 per cent increase during the 12-month period from when the costs was $250.

By comparison, Orange was the most expensive place to rent a home in the Central West at $375 a week, compared to Bathurst ($360) and Dubbo ($340).

Rental costs for a house in Bathurst increased 2.9 per cent during the past 12-months, from $350 to $360; while in Orange they jumped by 7.1 per cent - from $350 to $375.

In Dubbo the cost of renting a home became a little cheaper during the past year with prices falling by -2.9 per cent, from $350 to $340.

Meanwhile, investors with a house in Cowra or the Hilltops experienced an increase in gross rental yield during the past year.

The current yield in Cowra is 5.90 per cent (up 2.3 per cent when compared to 12 months ago), while in the Hilltops it is 5.59 per cent (an increase of 1.1 per cent).

By comparison there was a decline in gross rental yield was experienced in Bathurst and Orange during the past 12 months.

In Bathurst, the yield on a house is currently 4.62 per cent (a decline of -0.7 per cent). This is down a significant -16.8 per cent compared to data from five years ago when the yield was 5.55 per cent.

The yield for an investment home in Orange is currently 4.93 per cent (down -1.3 per cent). This represents a drop of -5.9 per cent when compared to data from 2014 when the yield was 5.23 per cent.

In Dubbo, the yield sits at 5.32 per cent which is up 2.9 per cent in the past year.